Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.


HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> received marketing approval for Fovinaciclib, for the treatment of HR+, HER2-negative locally advanced or metastatic breast cancer, in combination with an aromatase inhibitor.</li>
<li>In 1H25, Fosun Pharma reported revenue of RMB 19.4B, down 5% YoY. Revenue from innovative drugs achieved robust growth of 14% as it garnered RMB 4.3B in sales.</li>
<li>Fovinaciclib with two approved indications would boost the innovative drugs domain and given the market opportunities of the drug, this can help to somewhat compensate for the VBA related loss.</li>
</ul>



Shanghai Fosun Pharmaceutical (Group) (2196 HK) received marketing approval for Fovinaciclib, for the treatment of HR+, HER2-negative locally advanced or metastatic breast cancer, in combination with an aromatase inhibitor.
In 1H25, Fosun Pharma reported revenue of RMB 19.4B, down 5% YoY. Revenue from innovative drugs achieved robust growth of 14% as it garnered RMB 4.3B in sales.
Fovinaciclib with two approved indications would boost the innovative drugs domain and given the market opportunities of the drug, this can help to somewhat compensate for the VBA related loss.


Shanghai Fosun Pharmaceuticals (2196 HK): New Indication Approval Opens Up Opportunity

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into agreements with Braveheart Bio, to grant Braveheart an exclusive worldwide right of HRS-1893, a selective myosin inhibitor that treats hypertrophic cardiomyopathy.</li>
<li>The only approved product available worldwide is Bristol Myer Squibb’s Camzyos (mavacamten) which was approved for marketing by FDA in April 2022 for obstructive hypertrophic cardiomyopathy.</li>
<li>With Robust R&amp;D and future potential drug candidates under its belt, Jiangsu Hengrui continues to remain an attractive bet, with a long-term perspective.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with Braveheart Bio, to grant Braveheart an exclusive worldwide right of HRS-1893, a selective myosin inhibitor that treats hypertrophic cardiomyopathy.
The only approved product available worldwide is Bristol Myer Squibb’s Camzyos (mavacamten) which was approved for marketing by FDA in April 2022 for obstructive hypertrophic cardiomyopathy.
With Robust R&amp;D and future potential drug candidates under its belt, Jiangsu Hengrui continues to remain an attractive bet, with a long-term perspective.


Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  </li>
<li>Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.</li>
<li>3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.</li>
</ul>



3SBio Inc (1530 HK) witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  
Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.
3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.


3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

Equity Capital Markets

Simcere Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is placing 120M shares at the price of HK$12.95 per share. The placing shares represents ~5% of the current total issued shares of the company.</li>
<li>The company intends to apply 90% of the net proceeds for the R&amp;D-related expenditures. For context, Simcere has over 60 R&amp;D pipelines of innovative drugs.</li>
<li>Considering strong growth prospect of Simcere, reasonable valuation, and upbeat investor sentiment toward Chinese pharmaceutical sector, we are bullish on the placement.   </li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is placing 120M shares at the price of HK$12.95 per share. The placing shares represents ~5% of the current total issued shares of the company.
The company intends to apply 90% of the net proceeds for the R&amp;D-related expenditures. For context, Simcere has over 60 R&amp;D pipelines of innovative drugs.
Considering strong growth prospect of Simcere, reasonable valuation, and upbeat investor sentiment toward Chinese pharmaceutical sector, we are bullish on the placement.   


Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

China

Hansoh Pharmaceutical is a pharmaceutical company that researches, develops, manufactures, and sells a diverse portfolio of medicines. It focuses on therapeutic areas such as oncology, anti-infectives, central nervous system diseases, metabolic disorders, and autoimmune diseases. The company was founded in 1995 and is headquartered in Shanghai, China.

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Hansoh Pharmaceutical (3692 HK)

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

Shanghai Fosun Pharmaceuticals (2196 HK): New Indication Approval Opens Up Opportunity

Shanghai Fosun Pharmaceutical receives marketing approval for Fovinaciclib to treat certain types of breast cancers. During 1H25, the company...

Tina Banerjee

Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

Jiangsu Hengrui grants Braveheart Bio exclusive wordlwide rights for HRS-1893, an investigational drug for hypertrophic cardiomyopathy for an...

Tina Banerjee

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

Simcere Pharmaceutical is placing 120M shares at the price of HK$12.95 per share. The company intends to apply 90% of the net proceeds for the R&D...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

Shanghai Fosun Pharmaceuticals (2196 HK): New Indication Approval Opens Up Opportunity

​Shanghai Fosun Pharmaceutical receives marketing approval for Fovinaciclib to treat certain types of breast cancers. During 1H25, the company...

Tina Banerjee

Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

​Jiangsu Hengrui grants Braveheart Bio exclusive wordlwide rights for HRS-1893, an investigational drug for hypertrophic cardiomyopathy for an...

Tina Banerjee

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

​3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

Simcere Pharmaceutical is placing 120M shares at the price of HK$12.95 per share. The company intends to apply 90% of the net proceeds for the R&D...

Tina Banerjee

Shanghai Fosun Pharmaceutical receives marketing approval for Fovinaciclib to treat certain types of breast cancers. During 1H25, the company...

Jiangsu Hengrui grants Braveheart Bio exclusive wordlwide rights for HRS-1893, an investigational drug for hypertrophic cardiomyopathy for an...

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...